Die Aktie der Bit Mining hat satte 350 % zugelegt, nachdem das Mining-Unternehmen einen strategischen Wechsel in das Solana-Ökosystem bekanntgegeben hat.
Binance’s YZi Labs backs US based BNB treasury firm targeting IPO
- YZi Labs backs first US-based BNB treasury firm by 10X Capital, which is targeting IPO.
- Nano Labs recently purchased $50 million BNB tokens and plans to increase this to $1B BNB.
- Binance Coin (BNB) has broken past $665, signalling a possible bullish move toward $733 target.
While Bitcoin (BTC) has historically led the charge in corporate treasury strategies, Binance Coin (BNB) is now positioning itself as the next major digital asset to capture institutional interest at scale.
Binance’s former CEO, Changpeng Zhao, through his venture YZi Labs, has backed the creation of a US-based treasury firm by 10X Capital solely focused on BNB.
10X Capital is proud to announce a game changer, the first $BNB Treasury Company in the U.S. with the support of @YZiLabs, led by $GLXY co-founder David @Namdar, 10X CIO Russell Read, and @SaadNaja, formerly of @krakenfx . Stay Tuned!
— 10X Capital (@10XCapitalUSA) July 10, 2025
With a growing appetite from institutions for regulated crypto exposure, the new BNB treasury company marks a pivotal moment in the evolution of altcoin adoption beyond its native exchange utility.
A first-of-its-kind BNB-focused treasury aiming for IPO
Backed by Binance’s former CEO Changpeng Zhao, YZi Labs has thrown its weight behind a first-of-its-kind BNB-focused treasury company in the United States.
The firm’s strategy involves launching an initial public offering (IPO) to allow traditional investors access to BNB without having to manage digital wallets.
The new treasury company plans to offer BNB-backed shares on a major US exchange, using a transparent structure that mirrors the reporting style of ETFs while maintaining regulatory compliance.
In this model, institutional investors will be able to gain BNB exposure through equity investments, providing a simplified path to crypto asset allocation.
YZi Labs, overseeing the execution of the strategy, will work alongside 10X Capital, which is handling asset management for the venture.
The leadership team behind the project adds significant institutional heft, including David Namdar, co-founder of Galaxy Digital, and Russell Read, former CIO of CalPERS and the Alaska Permanent Fund.
Their involvement reinforces the credibility of the initiative and underscores the strategic importance of BNB in broader financial portfolios.
Executives at YZi Labs revealed that they have engaged with over thirty other teams that are evaluating similar treasury models using BNB as the core asset.
BNB corporate accumulation
These developments come as Changpeng Zhao continues to demonstrate long-term conviction in BNB, holding 94 million coins as of June 2024, which accounts for 64% of its circulating supply.
Binance itself holds an additional 31.5%, indicating a high concentration of supply within a small network of stakeholders.
In addition, Nasdaq-listed Nano Labs recently invested $50 million to acquire over 74,000 BNB.
Nano Labs aims to scale this investment to as much as $1 billion in BNB, signalling an intent to hold up to 10% of the circulating supply.
The company’s aggressive treasury expansion is being financed through convertible notes and private placements, with shares surging following the announcement.
Other firms, including Build & Build Corporation and Trident Digital, are reportedly seeking significant Binance Coin (BNB) allocations as well, following a model similar to MicroStrategy’s Bitcoin strategy.
This wave of institutional buying reflects growing confidence in BNB’s long-term value beyond its role as a transaction token.
Binance Coin (BNB) price outlook
The market has responded to these strategic shifts with renewed optimism, as BNB recently broke above the $665 resistance level in a bullish ascending triangle pattern.
Whale accumulation has intensified in recent weeks, with on-chain data showing over 2.5 million active BNB smart chain addresses — a sign of strong demand and network engagement.
If momentum continues, analysts expect the token to move toward $733, with key support seen at $635, which must hold for the breakout to remain valid.
BNB is now trading around $670, which places it just 15% below its all-time high of $788 reached in December 2024.
With a market cap nearing $98 billion, BNB has solidified its position as a top-five cryptocurrency and is increasingly being seen as more than just a utility token.
For traders and investors, this moment represents more than a price move; it signals the arrival of BNB into the formal structure of traditional finance.
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What next for Bitcoin after hitting a new all-time high? Check forecast
Key takeaways
- Bitcoin hit a new all-time high of $112k after adding 3% to its value on Wednesday.
- The coin could rally towards $115k-$120k if macro conditions remain favorable and price action holds.
Bitcoin hits a new all-time high
Bitcoin, the leading cryptocurrency by market cap, surged to a new all-time high price on Wednesday after adding 3% to its value. The new Bitcoin all-time high now stands at $112,128 as analysts predict the coin to hit between $115k and $120k over the coming weeks or months.
The positive performance comes amid growing institutional demand. Recent reports reveal that spot Bitcoin ETFs now have nearly $150 billion in assets under management (AUM).
Furthermore, an increasing number of companies are adding Bitcoin to their balance sheets. Strategy, Metaplanet, and GameStop are the biggest corporate Bitcoin adopters, but more companies are now implementing Bitcoin treasuries.
BTC could surge to $115k
The BTC/USD 4H chart is bullish but inefficient after Bitcoin rallied to a new all-time high. This means that Bitcoin could temporarily dip to the $109,700 level to grab liquidity before rallying higher.
The Relative Strength Index (RSI) of 65 shows that Bitcoin is currently in a buying spree, but investors could push it higher. Furthermore, the MACD lines are in the positive zone, suggesting a bullish bias.
If Bitcoin rallies higher and $112K becomes support, the rally could extend toward $116K–$120K. Supporting confluences for this rally include a clean break of all-time high, continued accumulation by institutions, lack of major resistance until $115k psychological level, and the 4-Hour Fair Value Gap ($109,800-$110,800) remaining intact.
However, if the rally stalls at the all-time high levels, we may see a correction. The failed breakout above $112,000 with no sustained momentum could see BTC dip lower. If that happens, the 4H FVG around $109k would not provide any major support, and BTC could drop to the $108k level.
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GMX price dives 20% after $40 million hack
- GMX price fell 20% after the decentralised perpetuals exchange suffered a $40 million exploit on its V1 platform.
- Investor panic and concerns over repeated security incidents put bulls under pressure near $11.45.
- GMX’s response to stabilise confidence and mitigate further losses will be key.
GMX, an on-chain perpetual and spot exchange, experienced a substantial security breach.
The exploit, which resulted in the loss of approximately $40 million, has triggered a sharp decline in the value of the GMX token.
As far as hacks go, this incident further underscores the dangers and impact of persistent vulnerabilities within the decentralised finance space.
Prices have often dipped sharply amid such news.
GMX hacked for $40 million
On July 9, 2025, GMX announced that its V1 platform and GLP liquidity pool on the Arbitrum network were compromised, leading to the unauthorised transfer of around $40 million in tokens to an unknown wallet.
The GLP pool of GMX V1 on Arbitrum has experienced an exploit. Approximately $40M in tokens has been transferred from the GLP pool to an unknown wallet.
Security has always been a core priority for GMX, with the GMX smart contracts undergoing numerous audits from top security…
— GMX 🫐 (@GMX_IO) July 9, 2025
The GMX team detailed in a post by X that, following the incident, trading, minting, and redeeming of GLP on both Arbitrum and Avalanche were disabled to mitigate further risks.
SlowMist also highlighted the exploit, noting on X:
“The root cause of this attack stems from GMX v1’s design flaw where short position operations immediately update the global short average prices (globalShortAveragePrices), which directly impacts the calculation of Assets Under Management (AUM), thereby allowing manipulation of GLP token pricing.”
By leveraging the Keeper’s ability to enable timelock.enableLeverage, the attacker created massive short positions, artificially inflating GLP prices, and subsequently profited through redemption operations.
The highlighted code snippet from the post illustrates the critical section where global short profit/loss calculations were exploited, enabling the manipulation.
GMX’s response included a commitment to investigate the incident with the assistance of security partners, promising a detailed update.
“Out of an abundance of caution, GMX had already updated the caps for the GM tokens of GMX V2 on Arbitrum and Avalanche, so that minting new tokens is currently restricted in most liquidity pools. A follow-up notification will be sent out once this restriction is lifted,” the platform wrote.
GMX price dives 20% amid market reaction
The reaction of GMX holders to the hack was largely negative, with the price falling sharply to see the DEX protocol lag the overall crypto bounce.
According to data from CoinMarketCap, the GMX token experienced a double-digit decline.
It traded above $14.54 but dropped more than 20% to lows of $10.40.
The breach of GMX adds to the list of key crypto protocol exploits in 2025, with Cetus Protocol among those to suffer a malicious attack a few months ago.
Unless GMX successfully recovers the funds or implements robust security enhancements, the negative sentiment could impact its price.
Currently, the GMX token trades near $11.45, still under pressure after falling from highs above $14.54.
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Ethereum price surges 6% to $2,800 as shorts suffer amid $500M crypto liquidation
- Ethereum’s price rose 6% to above $2,800, driven by Bitcoin’s rally to $112,000 and optimism around ETH whale activity.
- The gains came as over $500 million in leveraged positions, including $139 million in ETH, were liquidated.
- Institutional interest and increased buying could drive Ethereum’s price higher.
Ethereum (ETH) rose a decent 6% in 24 hours to reach highs above $2,800, with the top altcoin buoyed by a broader market rally.
This is after Bitcoin (BTC) soared to a new all-time high above $112,000.
However, the sharp price movements triggered widespread liquidations, with over $500 million in leveraged positions wiped out across major exchanges.
Most of these were shorts, with cryptocurrencies rising alongside stocks on Wednesday.
Ethereum hits $2,800 as crypto sees market momentum
Ethereum’s climb to $2,821 in early trading on Thursday came as Bitcoin’s breakout above $112k lifted the broader digital assets space.
It’s this bullish sentiment that has ETH price up more than 6% and on the cusp of a breakout above $3,000.
According to data from CoinGecko, Ethereum’s trading volume spiked by 69% to over $29.8 billion, reflecting heightened market activity.
Apart from a broader market upswing, ETH is benefiting from regulatory developments and the anticipation of what is next for the top altcoin.
Whales and institutions are aggressively buying ETH, with Abraxas Capital withdrawing 29,741 ETH worth $81 million from crypto exchanges Binance and Kraken.
Lookonchain shows the transactions occurred within the last 12 hours.
Another wallet withdrew over 25k ETH tokens worth over $70 million from Kraken.
Notably, SharpLink Gaming, a company that holds over 205,634 ETH worth over $575 million, added to its haul with another 5,072 ETH worth over $13.5 million.
Ethereum broke back above $2,800 today!
In the past 24 hours, 7 whales/institutions have bought 127,971 $ETH($358M).
Newly created wallet 0x35fb withdrew 54,125 $ETH($151M) from #Kraken in the past 16 hours.https://t.co/5e6AQjMOwt
Abraxas Capital withdrew 40,986 $ETH($114M)… pic.twitter.com/0pmcvZxK7S
— Lookonchain (@lookonchain) July 10, 2025
Over $500 million in liquidation signals market volatility
As Bitcoin and Ethereum rallied, the broader crypto market experienced over $500 million in liquidations, largely impacting leveraged traders who were caught off guard by the sharp price moves.
Data from Coinglass shows that total liquidations surged 285% in the past 24 hours, reaching over $538 million.
The bulk of the losses came from short positions, as traders betting against the market’s upward momentum faced significant losses.
Ethereum alone accounted for $156 million in liquidations, with $139 million of that tied to short positions, according to Coinglass.
Gambler @qwatio’s $BTC and $ETH shorts got hit with a series of liquidations.
His account went down from $16.28M to only $67K, losing over $16.2M!https://t.co/34UTpSsFHK pic.twitter.com/umWNN9cFtt
— Lookonchain (@lookonchain) July 10, 2025
Despite the liquidations, market sentiment remains cautiously optimistic, with institutional inflows into crypto exchange-traded funds (ETFs) and stablecoin reserves signaling sustained demand.
As Bitcoin continues to set new benchmarks, Ethereum’s role as a foundational blockchain for decentralized applications ensures its relevance in the evolving crypto landscape.
Currently, the Ethereum price has a key support zone near $2,500.
Meanwhile, a symmetrical triangle pattern suggests upward potential and is eyeing the $2,850 resistance.
If price breaks above $3k, it could target the $4k and all-time high levels.
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